Taupō District’s economy continues to grow strongly despite the constraints facing the local economy. Infometrics provisionally estimates that Taupō’s GDP expanded by 2.6% over the year to September 2022, the same as national level growth.
The tourism sector, which at its peak contributed about 14% to the district’s GDP, has struggled due to the lack of international tourists. Although tourism expenditure was 3.6% higher over the year to September 2022 compared with the previous year, it is lower than the rate of consumer inflation (7.2%) indicating a decrease in real terms. Guest nights were down 4.2% over the year to September 2022.
Over recent years population growth has been a contributor to Taupō’s growing economy. The latest Estimated Resident Population data from Statistics New Zealand shows that Taupō District’s population expanded by 1.0% in the year to June 2022, compared with growth in the national population of 0.2%.
Robust population growth has provided a growing working age population which has helped local employers to expand employment. The number of Taupō residents in employment increased 3.5% over the year to September 2022, above the national growth rate of 3.1%. Construction, retail, and professional, technical, and scientific services were the largest
contributors to employment growth in Taupō. Unemployment is down to a very low 2.8% and Jobseeker Support recipients dropped to 1,365 in the September quarter down from a peak of 1,544 in the December 2020 quarter.
House values remain stubbornly high in Taupō. The average value in the September 2022 quarter was close to $875,000, slightly down from its peak in the March 2022 quarter of $882,000 but nearly 10% above its level a year ago.
Gross Domestic Product
GDP in Taupo District was provisionally up 2.6% for the year to September 2022, compared to a year earlier. Growth was the same as in New Zealand (2.6%).
Provisional GDP was $2,751 million in Taupo District for the year to September 2022 (2021 prices).
Annual GDP growth in Taupo District peaked at 7.2% in the year to December 2021.
Electronic card consumer spending in Taupo District as measured by Marketview, increased by 6.4% over the year to September 2022, compared to a year earlier. This compares with an increase of 7.0% in New Zealand.
Total tourism expenditure in Taupo District increased by 3.6% in the year to September 2022, compared to a year earlier. This compares with an increase of 3.3% in New Zealand.
Total tourism expenditure was approximately $371 million in Taupo District during the year to September 2022, which was up from $358 million a year ago.
You can read the full report below including Traffic flow, Employment, Jobseeker Support recipients, Unemployment rate, Dairy payout, Guest nights, Health enrolments, Residential consents, Non-residential consents and House values and sales.